The Globe and Mail reports in its Wednesday, Sept. 9, edition that RBC analyst Bart Dziarski has cut AGF Management to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Dziarski continues to target the shares at $23. Analysts on average target the shares at $23.67. Mr. Dziarski says in a note: "We are expecting benign net flows for a 2nd consecutive quarter. We have lowered our Q3/26 mutual fund net flows estimate from $75-million to $40-million. On the Q2/26 call, management provided an intra-quarter update of net sales totalling $25-million through June 24, so our estimates imply modest $15-million incremental net flows in July and August. AGF reported $6-million net flows in Q2/26 indicating Q3/26 would mark a 2nd consecutive quarter of benign net flows. Our net flows estimate could prove optimistic given Q2/26 intra-quarter update provided by management was $40-million yet outflows in the balance of the quarter resulted in $6-million Q2/26 actual net flows. ... On the Q2/26 call, management highlighted investor skittishness given the economy and an under-weight to products seeing more positive flows. A key focus for Q3/26 earnings on Sept. 23 will be whether the foregoing trends persisted."